CBA retains currency auction | MENAFN.COM
(MENAFN – AzerNews) By Development
The Central Bank of Azerbaijan (CBA) bought $74.3 million to banks at the foreign trade auction held with the participation of the Condition Oil Fund of Azerbaijan (SOFAZ) on December 1, 2020, Trend reports citing the country’s CBA.
The desire from banking companies at the auction improved by 4.9 per cent compared to the previous indicator and was totally met.
At the conclude of the auction, the weighted normal amount of the manat to the US greenback amounted to 1.7 AZN/USD.
The first overseas exchange auction for a lengthy time was held with the participation of SOFAZ on March 10, 2020, all through which Azerbaijani banking institutions purchased $323.2 million.
The CBA started to carry out forex auctions through a one-way sale of currency in a aggressive surroundings from mid-January 2017.
In March 2020, the CBA determined to maintain incredible currency auctions in link with the amplified demand of the population for foreign currency amid the failure of the OPEC+ offer, which led to a sharp fall in oil rates.
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